MANILA, Nov 7 (PNA) – The local stock market retreated anew on Friday due to profit taking.
The bellwether Philippine Stock Exchange index (PSEi) declined 30.91 points to 7,205.72 from Thursday’s 7,236.63 close.
Banco de Oro Unibank chief strategist Jonathan Ravelas said share prices declined as investors pocked gains from the previous day’s high following the release of corporate earnings results.
”(This is caused by) profit taking and will just see market ranging between 7,000 to 7,300 range,” he said.
Jun Calaycay, analyst at Accord Capital Equities Corp., expects the local bourse to regain the 7,300 to 7,400 band as more companies release their third-quarter financial results.
All counters were in negative territory, led by financial sector that declined 1.01 percent.
A total of 4.44 billion shares valued at P9.46 billion changed hands.
Decliners dominated gainers, 121 to 57, while 51 issues unchanged. (PNA)